A special episode that has nothing to do with funds or law and everything to do with baseball glory.

Episode 71: James Tallarico and Kevin Flasch, Risk Strategies Joining me in the Tokens of Wisdom Studio today are James Tallarico and Kevin Flasch from Risk Strategies to discuss the evolving landscape of insurance in the crypto space. They delve into the differences between insurance brokers and providers, the challenges faced in obtaining adequate coverage for crypto-related businesses, and the importance of tailored insurance policies. The conversation covers essential coverages for...

Episode 70: The SEC Knows Action Last week we saw the SEC release not one but two No Action Letters that were each deeply positive for the crypto industry. Tune in to today’s episode for a quick recap of each and a reminder of where we currently stand on the regulatory ladder. Key Points From This Episode: DoubleZero No Action Letter.Crypto custody No Action Letter. Disclaimer: This show is for informational purposes only. Nothing presented here consti...

Episode 69: Joe Brennan, Houlihan Capital Joining me in the Tokens of Wisdom Studio today is Joe Brennan, a director at Houlihan Capital, to discuss the intricacies of fund valuations, particularly in the context of crypto assets. Key Points From This Episode: The importance of establishing proper valuation policies. When would a fund need specialized valuation services?When is the right time to engage a provider like Houlihan?How do they work with auditors and...

Episode 68: Gautam Ganeshan, KPMG Today I’m joined by Gautam Ganeshan from KPMG to talk all about digital asset fund audits! Key Points From This Episode: Are crypto assets categorized in the same Level 1, Level 2, Level 3 framework as traditional assets? What are examples of each Level in the crypto world?How does the scope of a crypto fund audit compare to a tradfi fund audit?What are the unique challenges involved in auditing a fund with a digital asset stra...

Episode 67: SEC Commissioner Hester Peirce I am honored to welcome SEC Commissioner Hester Peirce – Crypto Mom herself – to the Tokens of Wisdom Studio today to talk to us about crypto, regulation, zombies (not really) and parenthood. You don’t want to miss this one. Key Points From This Episode: How have the SEC’s vibes shifted so quickly?How can we move up the regulatory ladder toward formal rulemaking?What should we do about the custody rule?What is the best way ...

Episode 66: Phil Graham, Harneys When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to launch and operate a fund. In the legal realm, I happen to possess a lot of that information from my day job, but there’s so much more that goes into launching and operating a fund. And wise though I may be, my area of expertise doesn’t cover it all. So I’m going to bring in some friends to share their wisdom in various other aspects of fun...

Episode 65: The Zombie Episode (Three Rungs of the Regulatory Ladder) For as long as I’ve worked in crypto, the industry has been plagued by the dreaded REGULATORY UNCERTAINTY. That is, apparently, until the last couple months. All of a sudden I’m seeing clients putting stuff like “Regulatory Clarity Achieved!” in marketing decks and celebrating the demise of uncertainty’s reign. Maybe pump the brakes a bit. I don’t think we’re quite there yet. The new SEC has certainly moved qu...

Episode 64: Sharing the Wisdom (Colleen Fay) When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to launch and operate a fund. In the legal realm, I happen to possess a lot of that information from my day job, but there’s so much more that goes into launching and operating a fund. And wise though I may be, my area of expertise doesn’t cover it all. So I’m going to bring in some friends to share their wisdom in various other as...

Episode 63: Hedge Fund Offering Terms, Part 2: Liquidity Today is the second in a series of Tokens of Wisdom episodes walking through the main offering terms for an open-ended fund, aka a hedge fund. One of the first things I do with new fund clients is take them through a fund questionnaire to determine the offering terms for their new fund. This is usually a one hour conversation, at the end of which I have most of what I need to draft the fund’s offering documents. Sinc...

Episode 62: Sharing the Wisdom (Salman Ali) When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to launch and operate a fund. In the legal realm, I happen to possess a lot of that information from my day job, but there’s so much more that goes into launching and operating a fund. And wise though I may be, my area of expertise doesn’t cover it all. So I’m going to bring in some friends to share their wisdom in various other asp...

Episode 61: Hedge Fund Offering Terms, Part 1: Compensation Today is the first in a series of Tokens of Wisdom episodes walking through the main offering terms for an open-ended fund, aka a hedge fund. One of the first things I do with new fund clients is take them through a fund questionnaire to determine the offering terms for their new fund. This is usually a one hour conversation, at the end of which I have most of what I need to draft the fund’s offering documents. Si...

Episode 60: Sharing the Wisdom (Bert McCooey) This is an exciting day in Tokens of Wisdom history! Not only do you get to see my real-life face, but you also get the unparalleled wisdom of Bert McCooey from Ascent Fund Services. When I set out to do this show, my goal was to arm aspiring fund managers with the information they need to launch and operate a fund. In the legal realm, I happen to possess a lot of that information from my day job, but there’s so much more that goes into launching ...

Episode 59: Peeling Layers At the federal level, the tables are turning faster than at a vintage Tiesto performance: it’s honestly hard to keep up with how quickly the federal government has done a total 180 on crypto. Key Points From This Episode: What was the now-disbanded National Cryptocurrency Enforcement Team?How is the United States similar to an onion?What’s happening beneath the federal layer, at various state regulators?NY, CA and OR flexing their enforcement muscle to the collectiv...

Episode 58: Yet Another CTA Update (Yawn) Last time I spoke to you about the CTA, I said I wanted to discuss it about as much as I wanted a hole in the head. A little over a month later, nothing has changed. In my mood that is. But alas, much has changed in the world of required BO reporting, so here I am standing in front my mic and talking about it again. Key Points From This Episode: FinCEN’s New Interim Final Rule. Who’s in scope?Who’s out of scope?What are the new deadl...

Episode 57: Fixing the Hole in Your Net (And More!) If you thought the kinder, gentler SEC was only going to be kinder and gentler to the crypto community, you thought wrong. Today I’m going to briefly summarize two recent SEC actions that relaxed marketing-related rules: clarifying requirements for marketing materials and elements of 506(c). Key Points From This Episode: What is the SEC’s marketing rule?What are case studies?SEC FAQ from early 2023 muddies the waters.The trouble in cal...

Episode 56: Interpretive Clarity. By now, you’ve probably heard the latest news from the sunshine and rainbows SEC: Meme coins are not securities! This is great news for the crypto community, which has a little more clarity today on how the SEC will interpret securities laws as they apply to digital assets. But is this the regulatory clarity we’ve long clamored for? Not quite… Key Points From This Episode: What does the SEC’s Meme Coin Statement say?Reasons to be ex...

Episode 55: Sunshine and Rainbows…from the SEC. Just a couple short weeks ago I told you all about President Trump’s executive order on crypto, which was heavy on happy speak and light on substance. Of course, literally as I was recording that episode, the SEC started putting its money where its mouth is. Indeed, since I started speaking into that mic a couple weeks ago the SEC has: Repealed SAB 121, restarted its crypto task force, paused the suit against Binance, and st...

Guess Who’s Back Episode 54: Show Notes. It’s true that I wanted to release this episode about as much as I want a hole in the head. But, I did promise you multiple times that I would keep you updated on the dumpster fire of the Corporate Transparency Act and…a liar I am not. Here’s the TL;DL(“listen”): The CTA is back on, and initial BO reports are due on March 21, 2025 for most entities. Key Points From This Episode: CTA is back!History of the CTA Pi...

A New Sheriff Episode 53: Show Notes. We went three whole days into Trump Administration 2.0 without the creation of a strategic bitcoin reserve, an announcement ending all federal lawsuits against crypto industry participants, and without any major crypto news. In fact, well into day 4 of the administration, the scoreboard looked like this: Trump Meme coins: 2; Executive action supporting crypto: 0. Then on January 23, 2025, Trump issued an Executive Order titled, “STRE...